Gold prices slipped lower on Friday, pulling away from a seven-week high as the U.S. dollar regained some strength, although ongoing U.S. political uncertainties continued to support demand for the safe-haven precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.31% at $1,196.15, just off Thursday’s seven-week high of $1,204.30.

The February contract ended Thursday’s session 0.22% lower at $1,130.70 an ounce.

Futures were likely to find support at $1,176.50, Wednesday’s low and resistance at $1,204.30, Thursday’s high.

The dollar found some support after Federal Reserve Chair Janet Yellen said the U.S. economy is doing well and faces no serious obstacles in the short term, with the labor market looking strong.

Ms. Yellen was speaking at a town hall meeting with educators, in Washington.

A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.